Neuronetics Announces Increased TMS Access Through BlueCross BlueShield Of Michigan
MALVERN, Pa., May 26, 2023 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, today announced a healthcare policy update from BlueCross BlueShield (BCBS) of Michigan that expands eligibility for depression patients to receive transcranial magnetic stimulation (TMS). This policy change increases patient access to the Company’s NeuroStar® Advanced Therapy for Mental Health by reducing the number of antidepressant medication attempts from four down to two prior to TMS treatment eligibility.
“Our goal is always to help people find relief from their symptoms sooner, and BlueCross BlueShield of Michigan is allowing millions of people that chance,” stated Keith J. Sullivan, President, and CEO of Neuronetics Inc. “Commercial and government payers are increasingly addressing the need for mental health coverage, especially in light of the nationwide shortage of mental healthcare providers.”
BCBS of Michigan is the largest payer in the state with over 5.6 million covered lives. The BCBS policy update builds on recent momentum from health payers to expand coverage to TMS Therapy. Neuronetics previously announced an updated TMS coverage policy through BlueCross BlueShield of Mississippi that allows non-physician practitioners, such as nurse practitioners, to prescribe TMS. Neuronetics is the only TMS company in the industry with a dedicated health policy team that partners with both providers and payers to advocate for health policy changes.
Major depressive disorder (MDD) is a serious issue that affects 21 million adults in the United States, with 6.4 million people being underserved by antidepressant medication. NeuroStar TMS is a non-drug treatment that can help alleviate the burden of drug-resistant depression. For more information about NeuroStar TMS Therapy, please visit NeuroStar.com.